Supplementary Materials for...2021/01/11 · ExxonMobil 38.8 Irving, USA Public New York Stock...
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advances.sciencemag.org/cgi/content/full/7/3/eabc8041/DC1
Supplementary Materials for
The Ocean 100: Transnational corporations in the ocean economy
J. Virdin*, T. Vegh, J.-B. Jouffray, R. Blasiak, S. Mason, H. Österblom, D. Vermeer, H. Wachtmeister, N. Werner
*Corresponding author. Email: [email protected]
Published 13 January 2021, Sci. Adv. 7, eabc8041 (2021)
DOI: 10.1126/sciadv.abc8041
The PDF file includes:
Tables S1 to S4 Section S1 Figs. S1 to S4 References
Other Supplementary Material for this manuscript includes the following: (available at advances.sciencemag.org/cgi/content/full/7/3/eabc8041/DC1)
Data file S1
Supplementary Materials
Table S1. Detailed information on the ten largest TNCs within the eight core industries of
the ocean economy. * indicate publicly listed companies that are majority state-owned. Note that
some private companies can be joint ventures (e.g., Ocean Network Express) or fully-owned
subsidiaries (e.g., Disney Cruise Line) of publicly-listed parent owners.
Company Revenues
(USD billion
in 2018)
Headquarters Ownership Main stock
exchange
Number of
Subsidiaries
Offshore oil & gas (USD 830 billion)
Saudi Aramco 91.3 Dhahran,
Saudi Arabia
Public* Saudi Stock
Exchange
128
Petrobras 45.7 Rio de
Janeiro, Brazil
Public* Brasil Bolsa
Balcão
130
National
Iranian Oil
Company
44.9 Tehran, Iran State-owned NA 5
Pemex 39.3 Mexico City,
Mexico
State-owned NA 63
ExxonMobil 38.8 Irving, USA Public New York
Stock
Exchange
648
Royal Dutch
Shell
36.9 The Hague,
Netherlands
Public London
Stock
Exchange
1,264
Equinor 36.1 Stavanger,
Norway
Public* Oslo Stock
Exchange
233
Total 33.4 Paris, France Public Euronext
Paris
1,300
BP 28.0 London, UK Public London
Stock
Exchange
1,596
Qatar
Petroleum
26.9 Doha, Qatar State-owned NA 148
Marine equipment and construction (USD 354 billion)
Hyundai
Engineering
and
Construction
15.0 Seoul, South
Korea
Public Korea Stock
Exchange
77
TechnipFMC 12.6 London, UK Public Euronext
Paris
331
Saipem 9.8 Milan, Italy Public Borsa
Italiana -
MTA
(Mercato
Telematico
Azionario)
119
Wartsila 6.0 Helsinki,
Finland
Public Nasdaq
OMX -
Helsinki
108
Subsea 7 4.1 Sutton, UK Public Oslo Stock
Exchange
96
Hitachi Zosen 3.5 Osaka, Japan Public Tokyo Stock
Exchange
164
Dredging,
Environmental
and Marine
Engineering
3.1 Zwijndrecht,
Belgium
Private NA 124
Royal
Boskalis
Westminster
3.0 Papendrecht,
Netherlands
Public Euronext
Amsterdam
253
Aker
Solutions
ASA
2.9 Fornebu,
Norway
Public Oslo Stock
Exchange
76
Van Oord 2.1 Rotterdam,
Netherlands
Private NA 25
Seafood (USD 276 billion)
Maruha
Nichiro
7.5 Tokyo, Japan Public Tokyo Stock
Exchange
148
Nippon Suisan
Kaisha
6.2 Tokyo, Japan Public Tokyo Stock
Exchange
179
Dongwon
Industries
4.8 Seoul, South
Korea
Public Korea Stock
Exchange
56
Mowi ASA 4.5 Bergen,
Norway
Public Oslo Stock
Exchange
92
Thai Union
Group
4.1 Samut
Sakhon,
Thailand
Public Stock
Exchange of
Thailand
54
Mitsubishi 3.6 Tokyo, Japan Public Tokyo Stock
Exchange
924
OUG
Holdings
2.9 Osaka, Japan Public Tokyo Stock
Exchange
26
Austevoll
Seafood
2.8 Storebø,
Norway
Public Oslo Stock
Exchange
14
Trident
Seafoods
2.5 Seattle, USA Private NA 63
Kyokuyo 2.3 Tokyo, Japan Public Tokyo Stock
Exchange
36
Container shipping (USD 156 billion)
A.P. Møller-
Maersk
28.4 Copenhagen,
Denmark
Public Nasdaq
OMX -
Copenhagen
882
Mediterranean
Shipping
Company
25.1 Geneva,
Switzerland
Private NA 204
CMA CGM 22.9 Marseille,
France
Private NA 358
COSCO
Shipping
16.2 Tianjin, China Public* Hong Kong
Stock
Exchange
139
Hapag-Lloyd 11.5 Hamburg,
Germany
Public Frankfurt
Stock
Exchange
179
Ocean
Network
Express
10.9 Singapore,
Singapore
Private NA 20
Evergreen
Marine
Corporation
5.6 Taipei,
Taiwan
Public Taiwan
Stock
Exchange
97
Yang Ming
Marine
Transport
4.5 Keelung,
Taiwan
Public Taiwan
Stock
Exchange
112
Pacific
International
Lines
4.5 Singapore,
Singapore
Private NA 177
Hyundai
Merchant
Marine
3.7 Seoul, South
Korea
Public Korea Stock
Exchange
91
Shipbuilding and repair (USD 118 billion)
China State
Shipbuilding
Corp Ltd
16.6 Beijing, China State owned NA 79
Hyundai
Heavy
Industries
11.7 Seoul, South
Korea
Public Korea Stock
Exchange
48
Daewoo
Shipbuilding
& Marine
Equipment
8.6 Geoje, South
Korea
Public* Korea Stock
Exchange
22
General
Dynamics
8.5 Reston, USA Public New York
Stock
Exchange
523
Huntington
Ingalls
Industries
8.2 Newport
News, USA
Public New York
Stock
Exchange
97
China
Shipbuilding
6.6 Beijing, China State owned NA 86
Industry
Company Ltd
Fincantieri
Group
6.3 Trieste, Italy Public* Borsa
Italiana -
MTA
(Mercato
Telematico
Azionario)
112
Samsung
Heavy
Industries
4.7 Seongnam,
South Korea
Public Korea Stock
Exchange
23
Naval Group 4.1 Paris, France State owned NA 27
BAE Systems 3.8 Farnborough,
United
Kingdom
Public London
Stock
Exchange
592
Cruise tourism (USD 47 billion)
Carnival
Corporation
18.3
Miami, USA Public New York
Stock
Exchange
268
Royal
Caribbean
Cruises
9.4
Miami, USA Public New York
Stock
Exchange
168
Norwegian
Cruise Line
Holdings
5.8 Miami, USA Public New York
Stock
Exchange
34
MSC Cruises 3.1 Geneva,
Switzerland
Private NA 77
Genting Hong
Kong
2.3 Hong Kong,
China
Public Hong Kong
Stock
Exchange
37
TUI Cruises 1.1 Hamburg,
Germany
Private NA 11
Disney Cruise
Line
1.0 Celebration,
USA
Private NA NA
Hurtigruten 1.0 Tromsø,
Norway
Private NA 29
Silversea
Cruises
0.7 Fontvieille,
Monaco
Private NA 13
Viking
Cruises
0.6 Basel,
Switzerland
Private NA 4
Port activities (USD 38 billion)
DP World 5.7 Dubai, UAE State-owned NA 124
Shanghai
International
Port Group
5.6 Shanghai,
China
Public Shanghai
Stock
Exchange
157
CK Hutchison
Holdings
4.5 Hong Kong,
China
Public Hong Kong
Stock
Exchange
77
APM
Terminals
4.1 The Hague,
Netherlands
Private NA 0
PSA
International
3.0 Singapore Private NA 33
Tianjin Port
Holdings
1.9 Tianjin, China Public Shanghai
Stock
Exchange
54
Bolloré Group 1.8 Puteaux,
France
Public Euronext
Paris
482
Hamburger
Hafen und
Logistik
1.5 Hamburg,
Germany
Public Frankfurt
Stock
Exchange
52
International
Container
Terminal
Services
1.4 Manila,
Philippines
Public Philippine
Stock
Exchange
33
China
Merchants
Port Group
Company
1.4 Shenzhen,
China
State-owned Shenzhen
Stock
Exchange
26
Offshore wind (USD 37 billion)
Ørsted 4.7
Fredericia,
Denmark
Public* Nasdaq
OMX -
Copenhagen
248
E.ON 2.4
Essen,
Germany
Public Frankfurt
Stock
Exchange
895
Vattenfall 2.1
Solna, Sweden State-owned NA 106
Longyuan
Power
1.9
Beijing, China Public Hong Kong
Stock
Exchange
185
Innogy 1.8
Essen,
Germany
Public Frankfurt
Stock
Exchange
1,000
Macquarie
Capital
1.5
Sydney,
Australia
Public Australian
Securities
Exchange
2,093
Northland
Power
0.9
Toronto,
Canada
Public Toronto
Stock
Exchange
18
Stadwerke
Munchen
0.9
Munich,
Germany
Municipally-
owned
NA 72
Iberdrola 0.9
Bilbao, Spain Public Bolsa de
Madrid
614
Siemens 0.9
Munich,
Germany
Public Frankfurt
Stock
Exchange
1,700
Table S2. Geographic distribution of the ocean economy revenues based on location of the
Ocean 100’s main headquarters.
Country Sum of total revenue (USD
billion)
Percentage of Ocean 100
revenue
USA 132.9 12%
Saudi Arabia 91.3 8%
China 85.1 8%
Norway 77.6 7%
France 64.5 6%
UK 57.6 5%
South Korea 48.5 4%
Brazil 45.7 4%
Iran 44.9 4%
Netherlands 43.9 4%
Mexico 39.3 4%
UAE 38.7 3%
Japan 37.2 3%
Italy 36.6 3%
Denmark 33.1 3%
Switzerland 28.2 3%
Qatar 26.9 2%
Singapore 22.0 2%
Germany 18.8 2%
Malaysia 17.2 2%
India 16.9 2%
Thailand 10.4 1%
Taiwan 10.1 1%
Nigeria 8.6 1%
Australia 8.2 1%
Azerbaijan 8.1 1%
Angola 8.0 1%
Russia 7.4 1%
Indonesia 6.2 1%
Finland 6.0 1%
Spain 5.0 <1%
Venezuela 4.9 <1%
Vietnam 4.0 <1%
Bahrain 3.7 <1%
Israel 3.3 <1%
Belgium 3.1 <1%
Austria 2.8 <1%
Canada 2.6 <1%
Total 1,109.4 100%
Table S3. SDG 14 targets whose achievement can be directly affected by the operations of ocean economy industries. See data file S1 for
data sources and references. SIDS: small island developing states; LDCs: least developed countries; UNCLOS: United Nations Convention on the
Law of the Sea.
14.1
Prevent
and
reduce
marine
pollution
14.2
Manage
and protect
marine and
coastal
ecosystems
14.3
Minimize
and address
the impacts
of ocean
acidification
14.4
Effectively
regulate
fish
harvesting,
end
overfishing,
illegal,
unreported
and
unregulated
fishing
14.5
Conserve
at least
10
percent
of
coastal
and
marine
areas
14.6
Prohibit
certain
forms of
fisheries
subsidies
14.7
Increase
economic
benefits
to SIDS
and
LDCs
14.A
Increase
scientific
knowledge,
develop
research
capacity,
transfer
technology
14.B
Access
for
small-
scale
fisheries
14.C
Implement
intl. law
per
UNCLOS
Offshore oil and
gas X X X X X
Marine
equipment and
construction
X X X X
Seafood X X X X X X X
Container
shipping X X X
Shipbuilding
and repair X X X X
Cruise tourism X X X X
Port activities X X X
Offshore wind X X X X
Table S4. Data sources used to identify the largest TNCs in each ocean economy industry and their annual revenues.
Industry Identification of largest companies Evaluation of revenue and market share
Offshore oil and gas (68) (68)
Marine equipment and construction (69– ) 72 (6 ) 9
Seafood (73, 74) (73, 74)
Container shipping (75) (75)
Shipbuilding and repair (69, 76– ) 80 (6 , , 7 ) 9 70 6
Cruise tourism (81) (81)
Port activities (82, 83) (84–86)
Offshore wind (72, 87, 88) (7 , 8 , 8 ) 2 6 9
Section S1. Detailed description of main data sources for each ocean industry.
Offshore oil and gas
We used data from Rystad Energy (68), an independent energy research and business intelligence
company, to identify the largest offshore oil and gas TNCs in 2018 based on gross revenue by
field, aggregated by field owner company, as well as to identify the total offshore oil and gas
industry revenue (USD 830 billion in 2018). Number of subsidiaries, ownership, and main stock
exchange (for publicly-listed companies) were extracted from Orbis (6 ). 3
Marine equipment and construction
To identify potential keystone actors in the marine equipment and construction sector, we relied
primarily on Balance Technology’s list of major European maritime shipbuilding supply chain
companies (69). This report provided a comprehensive overview of maritime supply chain
companies by sector and country, and helped us ensure that our findings concerning total industry
revenues and company primary activities were accurate. We also utilized an in-depth report by
Credit Suisse which identified major suppliers in the offshore wind supply chain because these
companies’ operations often extend beyond the offshore wind market (72). Finally, a study by
Rabobank (71) helped identify top marine dredging companies, considered to be an important part
of this sector. We restricted the analysis to TNCs whose activities were entirely within the marine
equipment and construction sector, thereby omitting large corporations such as Siemens, or
Schneider Electric, among others, that are more diversified and for whom it was not possible to
isolate ocean-linked revenues (i.e., revenues solely from marine equipment and construction,
rather than terrestrial equipment for example). We used Orbis (63) for revenues, number of
subsidiaries, and main stock exchange for each of the publicly traded companies. When Orbis
(6 ) data was not available, we used company annual reports for revenues. To ensure that we 3
were not missing large TNCs in our database, we collected data on TNCs until the additional
revenue of the smallest TNC was at or below 0.05% of total industry revenues in this sector. In
this way, a total of 43 TNCs were included in the database. For total industry revenues, we
included those TNCs that also have terrestrial operations, e.g. Siemens or Schneider Electric, to
ensure that total revenues were over- rather than underestimated (USD 354 billion, rather than
USD 82 billion if only revenues from TNCs operating solely in maritime equipment and
construction were used). Hence, the market concentration estimated for this sector is likely
conservative.
Seafood
We relied on a market industry report from Undercurrent News – one of the most widely
recognized independent media outlets specialized in seafood – listing the hundred largest
companies involved in producing, harvesting, farming, trading or processing seafood (7 ). The
estimated 2018 revenues represented seafood-related turnover and did not include any substantial
fishmeal- or feed-related revenue (73). Ownership and number of subsidiaries were retrieved from
Orbis (63). Total revenue for the seafood industry is notoriously difficult to estimate. While the
combined revenues of the 100 largest seafood companies amounted to USD 106 billion in 2018,
and the global seafood trade was valued at USD 166 billion ( ), the total first sale value of
fisheries and aquaculture production in 2016 was estimated at USD 362 billion, of which USD
176 billion came from inland aquaculture (91). For the sake of this analysis, we used the 2012
global value of seafood production reported by Österblom et al. (20) and adjusted it for inflation
from 2012 to 2018 using CPI Inflation Calculator (6 ) to reach USD 276 billion. This assumes
relatively constant production volumes and prices, which seems justifiable given that the FAO
reported total seafood production from the ocean was 104.8 million tonnes in 2011 and 108
million tonnes in 2016 (3% increase).
3
90
5
Container shipping
The world’s largest container shipping companies were identified based on data from Alphaliner
(75), which provided a ranking of the 100 largest container operators based on their transport
capacity in twenty-foot equivalent units (i.e., the maximum number of twenty-foot shipping
containers a company can transport). While ocean shipping includes other cargo types than
containers (e.g., oil and gas, dry bulk, car carrier/RORO, and ferry/ROPAX), container shipping
is by far the largest sub-sector and the only one for which we were able to find an estimate of total
revenue in 2018 (USD 156 billion) (9 )2 . The other sub-sectors (oil and gas cargo, dry bulk cargo,
car carrier/RORO and ferry/ROPAX) include a number of TNCs that operate across sub-sectors
and for whom it is difficult to avoid double-counting across these sub-sectors. We used annual
and financial reports (2018) for each company to specifically extract revenues associated with
container operations. Ownership and number of subsidiaries were retrieved from Orbis (6 )3 .
Focusing solely on container operators means we are missing some large TNCs involved in other
types of shipping, such as Mitsui OSK, NYK, K Line, Hyundai Glovis, Grimaldi and Oldendorff,
which are important corporations in the ocean economy.
Shipbuilding and repair
To identify the largest shipbuilding and repair companies, we relied on multiple reports in the
public domain (6 , , 7 – ). We cross-referenced the names of companies, removed duplicates,
and arrived at 48 unique TNCs. We used Orbis (63) for revenues, number of subsidiaries, and
main stock exchange for each of the publicly traded companies. When Orbis (63) data was not
available, we used company annual reports for revenues. In the case of two shipbuilding TNCs
where we found conflicting data about revenues on the web, we used Orbis data for consistency
(6 ). To ensure that we were not missing large TNCs in our database, we collected data on TNCs
until the additional revenue of the smallest TNC was at or below 0.05% of total industry revenues
9 70 6 80
3
in this sector. In this way, a total of 42 TNCs were included in the database, and the sum of their
revenues used as a proxy for total industry revenues.
Cruise tourism
We used data from Cruise Market Watch (81) to identify the largest TNCs in the ocean cruise
industry based on their 2018 revenues, as well as the total worldwide industry revenue (estimated
at USD 46.6 billion in 2018). Ownership and number of subsidiaries were retrieved from Orbis
(6 ). 3
Port activities
To identify the largest port operator companies, we first searched for reported revenues and
throughput data in the annual reports of companies identified as top ten global port operators by
Lloyd’s List Maritime Intelligence (8 , 8 ). To ensure that Lloyd’s List Maritime Intelligence’s
list of top ports was comprehensive, we compared it with all other available lists of top global
ports. These lists included AAPA (8 ), UNCTAD (8 ), and Port of Rotterdam (8 ). A review of
these sources showed that UNCTAD (86) and Port of Rotterdam (84) were largely similar to
Lloyd’s List Maritime Intelligence (8 , 83), while AAPA (8 ) listed top ports in terms of raw
freight tonnage, rather than solely as containerized cargo (TEU). We then searched for revenues
and production data through port authority websites and company annual reports of any company
operating at least one terminal at any large marine port. To ensure that we did not exclude port
operator companies which might not have containerized cargo operations, such as port operators
focused on bulk or roll-on/roll-off operations, we searched for companies operating terminals at
top ports by freight tonnage, according to the AAPA’s list (8 ). Once we assembled a
comprehensive list of ports and port operator companies, we attempted to match the TEU
throughput of specific companies to the ports where they operate. This process revealed that the
largest port operator companies account for the vast majority of TEU throughput at the world’s
2 3
5 6 4
2 5
5
top ports. Moreover, the total combined TEU throughput of the port operator companies which
we identified was similar to secondary estimates of global TEU throughput (8 –8 ). This
provided a high degree of certainty that we were not missing major port operator companies, with
the exception of perhaps some non-containerized cargo port operators. We used Orbis (63) for
revenues, number of subsidiaries, and main stock exchange for each of the publicly traded
companies. When Orbis (63) data was not available, we used company annual reports for
revenues. In any instances where we found port operator TNCs with conflicting data about
revenues on the web, we used Orbis data for consistency (6 ). To ensure that we were not missing
large TNCs in our database, we collected data on TNCs until the additional revenue of the
smallest TNC was at or below 0.05% of total industry revenues in this sector (with the exception
of Terminal Investment Limited and Taiwan International Ports – Kaohsiung City, for whom
revenue data were not available). In this way, a total of 25 TNCs were included in the database,
and the sum of their revenues used as a proxy for total industry revenues.
4 6
3
Offshore wind
Three sources provided the background to estimate the size of the global offshore wind industry,
as well as the relative share of the largest operators: (i) the Global Wind Energy Council reported
that in 2018, the total offshore wind production globally was 23,140 MW, of which 18,278 MW
was in Europe, 4,832 MW was in the Asia-Pacific, and 30 MW was in the Americas (89); (ii)
Wind Europe (88) detailed the European portion of offshore wind production as well as the share
of the 22 largest operators as a proportion of total European production, with Ørsted occupying
the top position with 16% (62); (iii) Ørsted’s 2018 Annual Report provided disaggregated data on
offshore wind production revenues of DKK 30.6 billion (8 ). Using a historical exchange rate of
1 USD = 6.52 DKK (December 21, 2018), and calculating Ørsted’s revenues as based on 16% of
European production, we identified a proxy revenue of USD 1,605,456 per MW of offshore wind.
7
Using this proxy, we estimated the share of the 22 identified companies in Europe, and the value
of the global offshore wind industry (USD 37.15 billion). Individual web searches were then
initiated to explore whether large offshore wind operators in 2018 were located in Asia. We found
that only China appeared to have substantial offshore wind production. Using data from
4COffshore (9 ), a total of 38 Chinese offshore wind installations in operation in 2018 were
identified, with a total production of 4,574 MW. Only China Longyuan Power Corporation was
big enough (1,197 MW) to be among the world’s 10 largest offshore wind farm operators.
3
Figure S1. The non-oil and gas Ocean 100. The hundred largest TNCs in the ocean economy
(excluding offshore oil and gas) by annual revenues in 2018. Only revenues that could be
explicitly linked to the ocean economy were included (see details in Materials and Methods).
Figure S2. Geographic distribution of TNCs in the ocean economy (excluding offshore oil
and gas). Revenues (2018 USD) are aggregated based on the location of the non-oil and gas
Ocean 100’s main headquarters. (A) all industries combined; (B-H) within each industry. See data
file S1 for exact values and a list of countries.
Figure S3. Ocean 100 and the CDP (Carbon Disclosure Project). Percentage of the Ocean 100
reporting to the CDP, by industry, and by category of reporting: A or A-, leadership level; B or B-
, management level; C or C-, awareness level; D or D-, disclosure level; F, failure to provide
sufficient information to be evaluated (56).
Figure S4. Non-oil and gas Ocean 100 and the CDP (Carbon Disclosure Project). Percentage
of the non-oil and gas Ocean 100 reporting to the CDP by industry, and by category of reporting:
A or A-, leadership level; B or B-, management level; C or C-, awareness level; D or D-,
disclosure level; F, failure to provide sufficient information to be evaluated (56).
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